Fake bull market? Ethereum Gas Fee is only US$1. Two major reasons why on-chain interactions are deserted

This site (120bTC.coM): Is the ETH ecology not favored in this bull market? Data today (28th) shows that the average transaction fee of Ethereum has dropped to only US$1.12 per network transaction, with a minimum of 5Gwei, reaching the lowest daily average cost since October 18 last year. In the last bull market, driven by the catalysts of the DeFi and NFT markets, the average transaction fee was often 100-200 Gwei. Nowadays, such low transaction costs also make investors wonder whether this is really a bull market...

The average transaction cost is as low as 5Gwei

Price retracement, Falling demand?

According to the analysis of market intelligence platform Santiment, in the cryptocurrency market, investor sentiment often switches violently between "soaring into the sky" and "worthless". This psychological change can be reflected by the increase in transaction fees. Observe the fluctuations. Typically, transaction fees peak when Ethereum's price is relatively high, and fall back to basic levels when the price troughs.

As a result, the cryptocurrency market has mainly shown a retracement trend over the past six weeks, with demand reducing and reducing the load on the network, and transaction fees will also drop instantly. Santiment pointed out that this drop in demand may help Ethereum and related altcoins achieved a price reversal sooner than investors expected. The lack of demand means that the trading pressure level on the chain is also thin, which they believe may be a precursor to an imminent market rebound.

Eigenlayer TVL hits record high Excellent time to operate. This includes participating in airdrops, raising premium accounts, and other on-chain interactive activities. The low-cost trading environment provides an opportunity for investors to invest and trade with lower entry barriers.

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